The legislation of Mauritius lays out the framework to facilitate the establishment of captive insurance business. Applicants for captive insurance licences are companies with a Global Business Company Licence duly licensed by the Financial Services Commission. Captive Managers have been licensed to provide specialised services in the area of captive insurance.

Both pure captives and captives insuring second party and third party risk may be licensed. In the case of third party business the captive should demonstrate access to the necessary underwriting and analytical skills, financial soundness and a good track record. Full details of all programmes to be underwritten must be submitted for approval to the Financial Services Commission. Rent-a-captive and cell captives are also permitted.

A captive insurance company must obtain a licence to conduct captive business. The Captive Insurance Company may also have to appoint a licensed Management Company in Mauritius and a Principal Representative who will be accountable to the Commission.



Types of captives permissible

(a) Captive General Insurance Business

  • Minimum Paid-Up Capital: US$ 100,000
  • Margin of Solvency: Surplus of assets over liabilities of US$100,000 or 15% of net premium income, whichever is higher.
  • Liquidity Ratio: The value of the captive's admitted assets must not be less than 75% of the amount of its admitted liabilities.


(b) Captive Long Term Insurance Business

  • Minimum Paid-Up Capital: US$ 250,000
  • Margin of Solvency: Liabilities not to exceed amount of long term insurance fund.


(c) Captive General and Long Term Insurance Business

  • Minimum Paid-Up Capital: US$ 350,000


Captive insurance companies are required to be reinsured in excess of reasonable and prudent retention levels unless the Commission is satisfied that the captive has access to sufficient security without the need for reinsurance.

The Commission requires the annual filing of:

  • Audited financial statements.
  • Certificate of margin of solvency.
  • Certificate of liquidity ratio.
  • Actuarial valuation of adequacy of premiums and loss reserves for long term business.
  • Declaration of Principal Representative as to accuracy of accounts.


An application to form a captive insurance company should be submitted to the Commission. Applications must be submitted through a Management Company and should be made on prescribed application forms and accompanied by:

  • A certificate from a law practitioner practising in Mauritius to the effect that the application complies with the laws of Mauritius.
  • A copy of the Constitution of the company together with the prescribed statutory forms.
  • Name of the Principal Representative who shall be an executive of the appointed Captive Management Company.
  • A Business Plan.
  • Actuarial report for long term licences, which certifies that:
    (i) the financing of the captive is sufficient to cover both technical reserves and the required margin of solvency;
    (ii) the Business Plan is actuarially sound as it relates to long term business;
    (iii) the name of the appointed Captive Management Company.


Download the "Captive Insurance Business" product information sheet ➜